Your assets are a critical part of your fleet business, and managing them properly is crucial to ensuring the efficiency and productivity of your business. All kinds of tools are available to help you best manage your assets such as fleet management software, asset tracking, and telematics. Asset tracking is the most critical part of asset management, and it is what we will be focusing on today. We’ll detail what assets are, what asset management is, and how asset tracking supports the process.
What is an Asset?
An asset is anything a fleet has that produces value. This can include a range of tools your fleet uses, including buildings, machinery, equipment, returnable transport items (RTIs), vehicles, and many other things. You may be surprised to learn that it can even include people! Any item your company owns may be considered an asset, and you should consider its value to you and benefits.
What is Asset Management?
Now that we know how essential assets are to your business, it makes sense that you’d want to protect them. Part of protecting your assets involves implementing an effective asset management strategy. This process may also be known as a “fixed asset management” strategy. With an asset management strategy, you’ll track and monitor assets and keep them in their best working condition. Meanwhile, you’ll manage your inventory, minimize downtime, and reduce costs while increasing revenue.
There are a wide array of benefits to implementing an asset management plan. These include:
- Maintaining compliance with regulations
- Effectively managing maintenance
- Better understanding of utilization of equipment
- Reducing wasted time spent on locating assets
- Reducing wasted money spent on purchasing duplicate assets
- Preventing theft and vandalism
- Optimizing your operations
- Accurately managing your inventory
- Reducing complaints and increasing satisfaction, thereby improving customer retention
What is Asset Tracking?
Asset tracking is the collection of real-time data from your equipment and vehicles, usually using GPS trackers, barcodes, QR codes, or scanners. With asset trackers, you can track location, HoS, idle time, and more regarding these vehicles. Naturally, companies need to know what they have on hand, and asset tracking helps stay on top of that. It’s been around as long as fleets have been operating, albeit with paper and pencil. Nowadays, asset tracking is made much easier with electronic tracking devices and databases that fleet managers can view at any time.
Types of Asset Trackers
There are two types of asset trackers: Long Life Asset Trackers and Rechargeable Asset Trackers. Both kinds send regular location updates and organize that data into reports, ensuring fleet managers know an asset is where it is supposed to be. The difference between the two types lies in their battery life and the types of assets they are designed to track.
Long Life Asset Trackers
Long Life Asset Trackers last up to five years on one charge. They are designed for non-powered assets, such as
- Trailers and shipping containers
- Mobile storage units
Rechargeable Asset Trackers
Rechargeable Asset Trackers are better for powered assets, and their battery life is shorter, lasting for six months. However, they recharge every time the asset powers on. They are recommended for use on assets such as
- Generators, mobile lights
- Heavy equipment
Support Your Asset Management Plan with Azuga
Azuga is a leader in the fleet management field and supports fleets of all shapes and sizes with asset tracking. We offer both types of asset trackers mentioned here, supported by our state-of-the-art GPS monitoring system. Meet with one of our experts and learn more about what we offer!